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Attack of the dragon buyers in Vancouver

Chinese Canadians may boost the Vancouver housing market during year of the dragon


 

There’s a pearl of wisdom Vancouver realtors hold about 2012: the year of the dragon should heat up an already super hot housing market. Last February, the tendency of Chinese Canadians to spend around the new year—considered a time of good luck—boosted the market. Realtors hope that since the dragon is considered the most auspicious sign, even bigger purchases will come through this year.

Re/Max agent Sarah Daniels, who sells homes in the west-end suburb of south Surrey, is already booking more viewing appointments than usual for more expensive homes, a niche that Chinese buyers have dominated for the past few years. She says the $1.8-million-plus market in her area is 70 per cent driven by Asian buyers.

The potential boost, however, has some observers worried. Vancouver was just ranked the second-most expensive housing market among large English-speaking cities (behind Hong Kong) with a median home price of $678,000, according to a recent Bloomberg study. Many middle-class residents have already been priced well out of the market for houses. Last year Daniels made a sale to one overseas Chinese buyer for around $250,000 more than the property was worth just six months before.


 

Attack of the dragon buyers in Vancouver

  1. Is the market actually heating up in Vancouver this year? Liars!! Is this considered journalism, or advertising??

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